Mortgage lending in Azerbaijan up
Baku, Azerbaijan, Oct. 4
By Azad Hasanli – Trend:
In January-August 2018, banks issued loans worth 155.3 million manats through the Azerbaijan Mortgage and Credit Guarantee Fund CJSC, which is 59.8 percent more than in January-August 2017, according to the report of the Central Bank of Azerbaijan (CBA).
In August 2018, banks issued mortgage loans worth 19.3 million manats through the fund.
For eight months, 50 million manats were transferred from the state budget to the fund in February 2018.
According to the CBA report, in August 2018, the volume of refinancing of loans issued by banks earlier amounted to 22.8 million manats.
The average monthly amount of the loan issued by the fund’s authorized banks was 47,632.5 manats in August 2018 (43,279.6 manats in August 2017). The average period of the loan is 281 months (unchanged compared to a year earlier). The average annual interest rate is 6.6 percent (6.65 percent a year earlier). The average monthly amount for payments is 338.7 manats (309.5 manats a year earlier).
In general, the fund’s authorized lending institutions have issued 23,876 mortgage loans worth 1.12 billion manats since 2006 and up till now.
The authorized banks of the Azerbaijan Mortgage and Credit Guarantee Fund CJSC are 25 banks (mortgage lending), 10 banks (credit guarantee), as well as 17 insurance companies and 13 appraisal organizations.
(1.7 manats = $1 on Oct. 4)
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